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Glossary

Open Banking (CDR)

The Australian Consumer Data Right framework that lets accredited recipients access banking data with the customer's explicit consent.

Open Banking in Australia is implemented under the Consumer Data Right (CDR) framework, established by the Consumer Data Right Act 2019. With the customer's explicit, time-limited, and revocable consent, an accredited data recipient (ADR) can receive transaction data, account balances, and product information directly from the customer's bank.

How CDR accreditation works

Data recipients must be accredited by the ACCC and comply with the CDR Rules and the CDR Privacy Safeguards enforced by the OAIC. Accreditation tiers range from unrestricted ADR to sponsored affiliate, allowing larger providers to extend CDR capability to partners under their accreditation umbrella.

Consent and data rights

  • Consent must be explicit, informed, and specific to the data being shared.
  • Consumers can view and revoke consents at any time through the data holder's CDR consent dashboard.
  • Data must be deleted when consent expires or is revoked, unless other legal obligations require retention.
  • Data cannot be used for purposes beyond what was consented to.

Accelete fetches client bank feeds via Basiq's CDR-accredited infrastructure. Consent is captured per client, time-limited, revocable in a single action, and never shared beyond the firm using Accelete.